January 30, 2018
First Busey Announces 2017 Fourth Quarter Earnings

Champaign, IL – (Nasdaq: BUSE)

Message from our President & CEO


Positive advances in the fourth quarter of 2017 from the comparable quarter of the prior year:
 
 ●  End of year total assets of $7.9 billion
●  Net income of $12.3 million ($0.25 per diluted common share)
●  Adjusted net income1 of $22.5 million ($0.46 per diluted common share)
●  Net interest income of $63.0 million, an increase of 41.3%
●  End of period portfolio loans at $5.520 billion, an increase of 42.3%
●  End of period non-interest bearing deposits at $1.597 billion, an increase of 40.8%

Other significant highlights:
 
●  Completed acquisition of Mid Illinois Bancorp on October 1, 2017
●  Declared January 2018 dividend of $0.20, an increase of 11.1% from prior quarter

First Busey Corporation (the "Company") today reported fourth quarter 2017 net income of $12.3 million, or $0.25 per diluted common share compared to net income of $11.5 million, or $0.30 per diluted common share for the fourth quarter of 2016.  Adjusted net income1 for the fourth quarter of 2017 was $22.5 million, or $0.46 per diluted common share. Return on average assets based on adjusted net income1 was 1.17% and return on adjusted average tangible common equity based on adjusted net income1 was 14.35% for the fourth quarter of 2017.  Net income was impacted primarily by a one-time, non-cash charge of $8.1 million in the fourth quarter of 2017, or $0.16 per diluted common share for the quarter, due to the revaluation of the Company's net deferred tax position following the enactment of the Tax Cuts and Jobs Act (the "TCJA").

For the full year, the Company reported net income of $62.7 million, or $1.45 per diluted common share compared to net income of $49.7 million, or $1.40 per diluted common share for the year ended December 31, 2016.  Adjusted net income1 for 2017 was $75.7 million, or $1.75 per diluted common share.  Return on average assets based on adjusted net income1 was 1.20% for the year 2017.  In addition to the Company's organic growth, the 2017 results benefitted from the acquisition of First Community Financial Partners, Inc. ("First Community"), since the closing of the transaction on July 2, 2017 and Mid Illinois Bancorp, Inc. ("Mid Illinois") since the closing of the transaction on October 1, 2017.

The Company views certain non-operating items including, but not limited to, acquisition and restructuring charges as well as the tax adjustment related to the TCJA, as adjustments to net income.  Non-operating adjustments for the fourth quarter of 2017 include $3.0 million of pre-tax acquisition costs related to First Community and Mid Illinois; $0.5 million in pre-tax other restructuring costs, and $8.1 million related to the revaluation of the Company's net deferred tax position as a result of TCJA.  The reconciliation of non-GAAP measures (including adjusted net income, adjusted efficiency ratio, adjusted return on assets ("ROA"), tangible book value and tangible book value per share), which the Company believes facilitates the assessment of its banking operations and peer comparability, is included in tabular form at the end of this release.

On October 1, 2017, the Company completed its acquisition of Mid Illinois headquartered in Peoria, Illinois.  Upon acquisition, the Company paid $40.5 million and issued 3,115,503 shares to Mid Illinois stockholders.  At the date of the acquisition, Mid Illinois' total assets were $657.5 million, including loans of $370.0 million and total deposits of $505.6 million. It is anticipated that South Side Trust & Savings Bank of Peoria ("South Side"), a wholly-owned bank subsidiary of Mid Illinois prior to the acquisition, will be merged with and into Busey Bank in the first quarter of 2018.


1 Adjusted net income, a non-GAAP financial measure, see non-GAAP financial Information below for reconciliation
 

 

The following information was filed by First Busey Corp (BUSE) on Tuesday, January 30, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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